As we all know that Dogecoin is rising very much. Investing in cryptocurrencies is very easy and everyone above the age of 18 can do investment in it. The good thing about cryptocurrencies is that anyone can't track these transactions nor government can keep an eye on you while trading in them. Dogecoin is also a cryptocurrency that you can buy and sell using various apps available in the market. In this article we will elaborate on Dogecoin and why Dogecoin is rising.
What are cryptocurrencies?
Before moving further in the article, first, you need to know that what are cryptocurrencies and how it works. Well, in a simple and easy language you can say that cryptocurrencies are the medium of exchange of money in the digital form. In other words, cryptocurrencies use digital files and data in the form of money. It is a kind of asset in which you can invest your money. Unlike the traditional currency, this type of currency uses the decentralized method which means the currency or the money can't be monitored or controlled by a single person or organization, or any government. Cryptocurrencies use blockchain technology for transactions which makes it impossible for anyone to track hack the transactions.
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History of Dogecoin
Now before we tell you that why Dogecoin is rising so much let us have a quick overview of the history of Dogecoin. Well, Dogecoin is also a cryptocurrency in which you can invest your money. Taking about its history, this currency was made by two engineers Billy Markus and Jackson Palmer. They created it to change the traditional payment system and banking system. This cryptocurrency was first launched on December 6, 2013, and soon it gains a lot of popularity in the market. Now it has a market capitalization value is $ 85,314,347,523 as of May 5, 2021.
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Why Dogecoin is rising?
Now comes the main topic, why Dogecoin is rising very much? The reason behind this is our cryptocurrency lover Mr. Elon Musk, founder and CEO of SpaceX. Last week, Elon Musk has tweeted a painting of a Spanish artist. The name of the painting was "Dog barking at the moon" but Musk changed the title of the painting and wrote, "Doge barking at the moon". Simply, he was referring to the Dogecoin cryptocurrency through this tweet.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Due to this tweet done by Elon Musk, the value of Dogecoin starts rising. In very little time only this tweet was trending. After 24 hours of this tweet, the value of Dogecoin increases 112.89 percent, as per Coinbase. Thus, this was the whole story behind the Dogecoin value.
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Should you invest in Dogecoin?
Investing in anything is always a risk factor. Whether you are investing in any shares, bonds, or cryptocurrencies risk is always included in it. Now talking about the cryptocurrencies, before you invest anything in them you must know the history and the performance of that particular cryptocurrency. Cryptocurrencies are considered the most fluctuating assets. The Dogecoin is now increasing because of the tweet from Elon Musk like Bitcoin but when it will fall the loss will be also very high. Thus Information Spot suggests you invest in this currency only that much amount that you can handle to lose.
Note: Information Spot will not be responsible for any kind of loss you face after investment in any of the cryptocurrencies. We are just suggesting you as per the research. Investing in cryptocurrencies is subjected to market risk. Be careful.
Information Spot
Final words
From the above article, we hope that you understood everything about dogecoin and its history. There are also famous cryptocurrencies in which you can invest and earn a lot of money. But cryptocurrencies are very fluctuating. It goes to its peak and then suddenly starts falling. Like Bitcoin and other currencies did. No one knows about its peak point. Thus, before investing be careful and invest only a small amount of money due to high-risk factors.
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